MCA vide Notification no. S.O. 528(E) on Monday, 05th February, 2018 have notified that the provisions of Accounting Standard 22 or Indian Accounting Standard 12 relating to deferred tax asset or deferred tax liability shall not apply, for seven years with effect from the 1st April, 2017, only to the following classes of Government Companies, which is:
(a) is a public financial institution under sub-clause (iv) of clause (72) of section 2 of the Companies Act, 2013;
(b) is a Non-Banking Financial Company registered with the Reserve Bank of India under section 45-IA of the Reserve bank of India Act, 1934; and
(c) is engaged in the business of infrastructure finance leasing with not less than seventy five per cent. of its total revenue being generated from such business with Government companies or other entities owned or controlled by Government.
The said Notification can be accessed from the following link:MCA Notification 27_S.O 529(E)_05.02.2018_Exemptions to Govt Cos u.s 129 AS-22